Funds from Operations (FFO)

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Can Prologis Keep the Winning Streak Alive in Q2 Despite Challenges?
ZACKS· 2025-07-15 14:35
Core Insights - Prologis (PLD) is set to report its Q2 2025 results on July 16, with analysts and investors keen to evaluate its performance amid current economic conditions [1] Group 1: Prologis Performance - In the last reported quarter, Prologis achieved a surprise of 2.90% in core funds from operations (FFO) per share, driven by increased rental revenues and strong leasing activity, although high interest expenses posed challenges [2] - Over the past four quarters, Prologis consistently exceeded the Zacks Consensus Estimate for FFO per share, with an average beat of 4.18% [2] - Prologis is expected to report Q2 FFO per share of $1.41, reflecting a 5.2% year-over-year increase, while same-store net operating income is projected to grow by 3.3% despite a decrease in occupancy [10][11] Group 2: U.S. Industrial Real Estate Market - The U.S. industrial real estate sector showed resilience in Q2 2025, with net absorption of 29.6 million square feet, consistent with the previous quarter but below historical averages [3] - Vacancy rates increased by 20 basis points to 7.1%, marking the first rise above 7% since Q2 2014, yet remaining only 10 basis points above the 15-year pre-pandemic average [4] - Industrial asking rent growth slowed to 2.6% in Q2, the weakest since early 2020, due to softening demand and rising vacancies [4] Group 3: Leasing and Construction Activity - Leasing activity remained robust, totaling nearly 309 million square feet in the first half of the year, supported by large-scale deals and steady demand from third-party logistics (3PL) [5] - New construction activity saw a significant decline, with completions at 71.5 million square feet, the lowest since Q1 2019, and the under-construction pipeline fell to 268.6 million square feet, the lowest since 2017 [6] Group 4: Strategic Positioning of Prologis - Prologis is expected to leverage its premium asset base in high-demand locations, with targeted acquisitions and developments likely supporting its Q2 results [7] - The company maintains a strong financial position, with a resilient balance sheet and efficient capital access, although high interest rates remain a concern [8] - Interest expenses are anticipated to rise by 11.4% year-over-year in Q2, reflecting ongoing challenges in the economic environment [10][11]
Americold Realty Trust(COLD) - 2022 Q1 - Earnings Call Presentation
2025-06-26 09:18
Financial Performance - Total revenue for Q1 2022 was $7057 million, an 112% increase year-over-year[11] - Total NOI for Q1 2022 increased 06% to $1583 million compared to the same quarter of the prior year[12] - Core EBITDA decreased by 59% to $1109 million, or 22% on a constant currency basis[13] - The company reported a net loss of $174 million, or $006 per diluted share[14] - Core FFO was $463 million, or $017 per diluted share[14] - AFFO was $689 million, or $026 per diluted share[15] Global Warehouse Segment - Global Warehouse segment revenue increased 114% to $5409 million[16] - Global Warehouse segment NOI increased 01% to $1463 million[16] - Global Warehouse segment same-store revenue increased 45%, or 60% on a constant currency basis[16] - Global Warehouse segment same-store NOI decreased by 47%, or 36% on a constant currency basis[16] - Global Warehouse segment margin was 270%, a 307 basis point decrease[19] Debt and Liquidity - The company had total liquidity of approximately $6570 million[28] - Total debt outstanding was $32 billion, with 83% in an unsecured structure[28] - Net debt to pro forma Core EBITDA was approximately 66x[28] - 72% of the company's total debt outstanding was at a fixed rate[28] Occupancy and Fixed Commitments - Economic occupancy for the total warehouse segment was 768%, and the warehouse segment same-store pool was 776%[26] - 398% of rent and storage revenue was generated from fixed commitment storage contracts, assuming a full twelve months of acquisitions revenue[25]
Americold Realty Trust(COLD) - 2022 Q3 - Earnings Call Presentation
2025-06-26 09:16
Financial Performance - Q3 2022 - Total revenue increased by 6.9% to $757.8 million compared to the same quarter of the prior year[12, 13] - Total NOI increased by 16.3% to $181.2 million compared to the same quarter of the prior year[12, 14] - Core EBITDA increased by 15.0% to $131.9 million, or 16.9% on a constant currency basis, compared to the same quarter of the prior year[12, 15] - Global Warehouse segment revenue increased by 10.5% to $599.0 million compared to the same quarter of the prior year[12, 20] - Global Warehouse segment NOI increased by 14.9% to $166.7 million compared to the same quarter of the prior year[12, 21] - Global Warehouse segment same store revenue increased 7.1%, or 9.6% on a constant currency basis[12] - Global Warehouse segment same store NOI increased by 12.5%, or 14.4% on a constant currency basis[12] Financial Position - Total liquidity was approximately $700.1 million as of September 30, 2022[35] - Total debt outstanding was $3.2 billion as of September 30, 2022, with 84% in an unsecured structure[35] Portfolio and Operations - The company operated a global network of 249 temperature-controlled warehouses as of September 30, 2022[3, 40] - As of September 30, 2022, 40.9% of rent and storage revenue was generated from fixed commitment storage contracts[32]
Americold Realty Trust(COLD) - 2022 Q4 - Earnings Call Presentation
2025-06-26 09:15
Financial Performance Highlights - Total revenue for Q4 2022 increased by 0.7% to $721.5 million compared to the same quarter of the prior year[13] - Total NOI for Q4 2022 increased by 16.6% to $188.2 million year-over-year[16] - Core EBITDA for Q4 2022 increased by 10.6% to $136.8 million, or 13.6% on a constant currency basis[17] - Global Warehouse segment revenue increased by 8.0% to $598.7 million in Q4 2022[14] - Global Warehouse segment NOI increased by 14.2% to $172.3 million in Q4 2022[14] - Global Warehouse segment same-store revenue increased by 8.3%, or 10.9% on a constant currency basis, in Q4 2022[14] - Global Warehouse segment same-store NOI increased by 13.1%, or 15.4% on a constant currency basis, in Q4 2022[14] Operational Metrics - As of December 31, 2022, the company operated 242 temperature-controlled warehouses encompassing approximately 1.4 billion cubic feet[4] - Total liquidity as of December 31, 2022, was approximately $681.6 million[31] - Total debt outstanding was $3.3 billion, with 93% in an unsecured structure[31] - Economic occupancy for the total warehouse segment was 83.8% for Q4 2022, a 601 bps increase compared to Q4 2021[23, 29] - Economic occupancy for the warehouse segment same store pool was 85.0% for Q4 2022, a 634 bps increase compared to Q4 2021[23, 29] Future Outlook - The company announced its 2023 annual AFFO per share guidance to be within the range of $1.14 - $1.24[33]
Vornado Stock Gains 8.7% in a Month: Will This Trend Continue?
ZACKS· 2025-06-23 14:25
Key Takeaways Shares of Vornado Realty Trust (VNO) have risen 8.7% in a month, outperforming the industry's growth of 2.2%. Image Source: Zacks Investment Research VNO outperformed its industry with an 8.7% stock gain, driven by leasing and asset repositioning efforts. A $675M refinancing of Independence Plaza and a $205M asset sale highlight VNO's active JV strategy. VNO leased 709K sq ft in Q1 2025 NYC offices at $95.53 psf, with 6.5% cash mark-to-markets. Vornado enjoys solid balance sheet strength. As o ...
Welltower Stock Gains 24.1% in Six Months: Will it Continue to Rise?
ZACKS· 2025-06-19 17:01
Core Insights - Welltower's shares have increased by 24.1% over the past six months, significantly outperforming the industry's growth of 5.7% [1][9] Company Overview - Welltower has a diversified portfolio of healthcare real estate assets across the U.S., Canada, and the U.K. The aging population and rising healthcare expenditures among senior citizens position the company's senior housing operating (SHO) segment for growth [2][5] - The outpatient medical (OM) portfolio is expected to benefit from favorable trends in outpatient visits [2] Financial Performance - Analysts have a positive outlook on Welltower, currently holding a Zacks Rank 3 (Hold). The Zacks Consensus Estimate for its 2025 funds from operations (FFO) per share has been revised upward by three cents to $5.02 [3] - Management anticipates same-store SHO net operating income to grow between 16.5% and 21.5% in 2025 [5][9] Growth Strategies - Welltower is actively pursuing growth through acquisitions, including a planned acquisition of the Amica Senior Lifestyles portfolio for C$4.6 billion, expected to close in late 2025 or early 2026 [7] - The company is optimizing its OM portfolio and strengthening relationships with health system partners to enhance long-term growth [6] Financial Health - As of March 31, 2025, Welltower had $8.6 billion in available liquidity, including $3.6 billion in cash and a fully available $5 billion line of credit. The net debt to adjusted EBITDA ratio improved to 3.33X from 4.03X year over year [10] - Welltower's debt maturities are well-laddered, with a weighted average maturity of 5.8 years, providing financial flexibility [10] Market Outlook - The combination of an increasing senior citizen population, rising healthcare expenditures, and muted new supply is expected to support Welltower's revenue growth in the coming years [5][11]
SL Green Realty Stock Up 12.7% in Three Months: Will the Trend Last?
ZACKS· 2025-06-19 14:06
Core Viewpoint - SL Green Realty (SLG) has experienced a stock price increase of 12.7% over the past three months, contrasting with a 0.1% decline in the industry, driven by strong leasing demand and a high-quality portfolio [1][8]. Group 1: Portfolio and Leasing Activity - The company possesses a high-quality portfolio that is well-positioned for growth due to solid tenant demand for premier office spaces with superior amenities [1]. - In Q1 2025, SL Green signed 45 office leases totaling 0.6 million square feet, benefiting from its well-located assets and high-end amenities [4][8]. - The company has adopted an opportunistic investment policy to enhance portfolio quality, including the recent sale of six Giorgio Armani Residences, generating net proceeds of $93.3 million [6]. Group 2: Revenue Stability and Tenant Diversity - SL Green's long-term leases and diverse tenant base provide assurance of stable rental revenues, with no single tenant accounting for more than 5% of annualized cash rent, except for Paramount Global at 5.4% [5]. - The company maintains a diversified tenant base to mitigate risks associated with dependency on single-industry tenants, ensuring cash flow stability [5][8]. Group 3: Dividend and Financial Position - The company is committed to enhancing shareholder wealth through solid dividend payouts, with a sustainable dividend rate expected due to its strong operating platform and financial position compared to the industry [7]. - SL Green's focus on retaining premium and high-growth assets in Manhattan contributes to its overall financial stability and growth potential [6].
Whitestone Expands Portfolio With the Acquisition of 5000 South Hulen
ZACKS· 2025-06-18 14:35
Core Insights - Whitestone REIT (WSR) has announced the acquisition of 5000 South Hulen, a shopping center in Fort Worth, TX, as part of its growth strategy to enhance its portfolio in a strong Texas market [1][8] Group 1: Acquisition Details - The shopping center spans 86,907 square feet and is located in a high-performing retail corridor near affluent neighborhoods and Hulen Mall [2][8] - This acquisition marks the 29th addition to Whitestone's Texas portfolio and the 10th in the Dallas-Fort Worth metroplex [2] Group 2: Market Dynamics - 5000 South Hulen is situated between two major thoroughfares, I-20 and Hulen Street, which attract over 182,000 vehicles daily, contributing to high foot traffic [3] - The center serves an affluent population of over 300,000 with an average household income of $113,520, leading to a collective spending power of approximately $14 billion [4] Group 3: Strategic Intent - Christine Mastandrea, president and COO of Whitestone REIT, emphasized leveraging market knowledge to maximize the asset's potential and remerchandise to meet community needs [5][6] - The acquisition is expected to strengthen WSR's position in a robust retail corridor, likely driving increased footfall [6] Group 4: Industry Challenges - The retail market is experiencing a shift from brick-and-mortar stores to online sales, which may negatively impact traditional retail operations like WSR [7] - Recent market uncertainties, including policy shifts and economic volatility, pose significant concerns for the industry [7]
Park Hotels Announces $80M Sale of Hyatt Centric Fisherman's Wharf
ZACKS· 2025-05-23 21:11
Core Insights - Park Hotels & Resorts, Inc. has sold the 316-room Hyatt Centric Fisherman's Wharf in San Francisco for $80 million, reflecting a multiple of 64.0 times the hotel's 2024 EBITDA [1] - The company aims to dispose of $300 million to $400 million of non-core hotel assets by 2025, enhancing its portfolio quality and financial flexibility [2] - Since 2017, Park Hotels has sold 46 hotels for over $3 billion, focusing on capital allocation to unlock value and improve shareholder returns [3] Financial Performance - The recent sale proceeds will be used for ongoing ROI projects and general corporate purposes [1] - Over the past three months, Park Hotels' shares have declined by 17.3%, compared to a 2.5% decline in the industry [4] Strategic Focus - The company emphasizes prudent capital management and aims to optimize the use of proceeds from asset dispositions [4] - Park Hotels is focused on development activities to enhance long-term growth [4]
Lamar Announces Dividend Payout & Increase in Stock Repurchase Program
ZACKS· 2025-05-16 19:21
Core Points - Lamar Advertising (LAMR) has declared a quarterly cash dividend of $1.55 per share, payable on June 30, 2025, to shareholders of record as of June 19, 2025 [1] - The company anticipates total quarterly distributions to stockholders in 2025 to reach at least $6.20 per common share [1] Dividend Growth - Lamar has increased its dividend nine times over the past five years, showcasing a commitment to solid dividend payouts [2] - The five-year annualized dividend growth rate stands at 24.17%, indicating strong growth potential [2] Stock Repurchase Program - The company has completed $150 million in stock repurchases and has $100 million remaining under the current program [3] - An increase of $150 million to the stock repurchase program has been approved, raising the total available for repurchase to $250 million [3] Stock Performance - Over the past three months, shares of Lamar Advertising have decreased by 7.2%, while the industry has remained flat with a 0.0% change [4] Comparison with Other REITs - Other REITs with better rankings include CareTrust REIT (CTRE) and W.P. Carey (WPC), both currently rated as Zacks Rank 2 (Buy) [5] - The Zacks Consensus Estimate for CTRE's 2025 FFO per share is $1.78, reflecting an 18.7% year-over-year growth [6] - WPC's full-year FFO per share estimate is $4.88, indicating a 3.8% increase from the previous year [6]